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- The token reached a position in the largest crypto currency.
- The price tp rally and grow amid market meltdown.
- Litecoin network recently processed its 135,000,000th transaction.
Litecoin (LTC) recently begged the position of the 15th largest cryptocurrency in market capitalization by ousting Solana (SOL).
As per the recent tweet by the Litecoin Foundation, Litecoin has just processed its 135,000,000th transaction. This shows the users’ interest and attention are being bestowed upon this coin, which may be the cause behind its surge.
Here’s what the charts reveal
The price seems to form an uptrend breaking the $60 resistance level. The price is active in the Bollinger Band’s central zone, and it may reach the resistance soon. It also crosses all the EMAs and rises beyond them. The volume histograms also show high vulnerability. If the price can close today near the $ 64 price level, it can establish an uptrend successfully.
The MACD indicator moves tangled with each other with fringes of sales and purchases. It may move similarly until the price is set in the full bull swing. The RSI indicator moves within the bounds of 50-60. It may float in the same range till the price shoots. The price currently displays a chance of s successful formation of the bullish engulfing pattern. If this is formed, the pace of the uptrend can be accelerated.
The peephole
The price continues to slope upwards and form an uptrend. The MACD indicator moves intertwined, waiting for the sharp rise and bullish takeover. It also records splinters of sales and purchases. The RSI indicator swings to and fro about 40-60, near the neutral range. It may escalate soon, respecting the approaching uptrend.
Conclusion
The performance of LTC is highly optimistic and encouraging to the users. It shows that the users have not lost hope in the industry, and it’s just a hard phase. The coin’s rally is very positive in this cold market situation.
Technical levels
Support levels: $ 60.00 and $51.90
Resistance levels: $65.80 and $73.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
